Property Management
A Florida property manager charging property management fees without a real estate license for a third-party-owned property is:
ALegal if the fee is under $1,000 per month
BA violation of Chapter 475 F.S. requiring a license for compensation-based property management✓ Correct
CLegal if the manager is salaried
DLegal for commercial properties only
Explanation
Chapter 475 F.S.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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